Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'NATIONAL TAX CREDIT PARTNERS L P |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0000847415 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 23,423 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $39 | $58 |
Accounts receivable | 11 | 6 |
Total assets | 50 | 64 |
Liabilities: | ' | ' |
Accounts payable and accrued expenses | 28 | 40 |
Accrued fees due to affiliates | 1,214 | 1,229 |
Total liabilities | 1,242 | 1,269 |
Contingencies | ' | ' |
Partners' Equity (deficit): | ' | ' |
General partner | -530 | -530 |
Limited partners | -662 | -675 |
Total partners' equity (deficit) | -1,192 | -1,205 |
Total liabilities and partners' equity (deficit) | $50 | $64 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Expenses: | ' | ' | ' | ' |
Management fees - general partner | $10 | $22 | $28 | $66 |
General and administrative | 8 | 7 | 19 | 24 |
Legal and accounting | 105 | 17 | 219 | 45 |
Total operating expenses | 123 | 46 | 266 | 135 |
Loss from Partnership operations | -123 | -46 | -266 | -135 |
Gain from sales of limited partnership interests in Local Partnerships | ' | 50 | ' | 50 |
Distributions in excess of investment in Local Partnerships | 301 | ' | 301 | ' |
Advances made to Local Partnerships recognized as expense | -18 | ' | -22 | ' |
Net income (loss) | 160 | 4 | 13 | -85 |
Net income (loss) allocated to general partner (1%) | 2 | ' | ' | -1 |
Net income (loss) allocated to limited partners (99%) | $158 | $4 | $13 | ($84) |
Net income (loss) per limited partnership interest | $6.75 | $0.17 | $0.55 | ($3.56) |
Statement_of_Shareholders_Equi
Statement of Shareholders Equity (Deficit) (Unaudited) (USD $) | General Partner | Limited Partners | Total |
In Thousands | |||
Partners' equity (deficit) capital, beginning balance at Dec. 31, 2012 | ($530) | ($675) | ($1,205) |
Net Income (Loss) | ' | 13 | 13 |
Partners' equity (deficit) capital, ending balance at Sep. 30, 2013 | ($530) | ($662) | ($1,192) |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $13 | ($85) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Gain from sales of limited partnership interests in Local Partnerships | ' | -50 |
Distributions in excess of investment in Local Partnerships | -301 | ' |
Advances made to Local Partnership recognized as expense | 22 | ' |
Change in accounts: | ' | ' |
Change in Accounts Receivable | -5 | -8 |
Change in Accounts payable and accrued expenses | -12 | -5 |
Change in Accrued fees due to affiliates | -15 | 68 |
Net cash provided by (used in) operating activities | -298 | -80 |
Cash flows provided by (used in) investing activities: | ' | ' |
Proceeds from sales of limited partnership interests in Local Partnerships | ' | 50 |
Distributions in excess of investment in Local Partnerships | 301 | ' |
Advance to Local Partnerships | -22 | ' |
Net cash provided by (used in) investing activities | 279 | 50 |
Net decrease in cash and cash equivalents | -19 | -30 |
Cash and cash equivalents, beginning of period | 58 | 110 |
Cash and cash equivalents, end of period | $39 | $80 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 1 - Organization and Summary of Significant Accounting Policies | ' |
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
General | |
The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements. Accordingly, the unaudited financial statements included herein should be reviewed in conjunction with the audited financial statements and related notes thereto contained in the National Tax Credit Partners, L.P. (the "Partnership" or "Registrant") Annual Report for the fiscal year ended December 31, 2012. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year. | |
In the opinion of the Partnership's management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. | |
Organization | |
The Partnership, formed under the California Revised Limited Partnership Act, was organized on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the "Local Partnerships") which own or lease and operate multifamily housing complexes (“Apartment Complexes”) that are eligible for low-income housing tax credits or, in certain cases, historic rehabilitation tax credits ("Tax Credits"). The general partner of the Partnership is National Partnership Investments, LLC, a California limited liability company ("NAPICO" or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company ("Bethesda"). | |
At September 30, 2013 and December 31, 2012, the Partnership had outstanding 23,423 and 23,464 limited partnership interests, respectively. | |
The General Partner has a 1% interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99% interest in proportion to their respective investments. | |
The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that date, pursuant to the partnership agreement or law. | |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States. | |
Method of Accounting for Investments in Local Partnerships | |
The investments in Local Partnerships are accounted for using the equity method. | |
Net Loss Per Limited Partnership Interest | |
Net loss per limited partnership interest was computed by dividing the limited partners’ share of net loss by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 23,464 for the three and nine months ended September 30, 2013, respectively, and 23,596 for the three and nine months ended September 30, 2012, respectively. | |
Variable Interest Entities | |
The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |
In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |
At September 30, 2013 and December 31, 2012, the Partnership held variable interests in zero and three VIEs, respectively, for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors: | |
· the general partners conduct and manage the business of the Local Partnerships; | |
· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; | |
· the general partners are obligated to fund any recourse obligations of the Local Partnerships; | |
· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and | |
· the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities’ economic performance. |
Note_2_Investments_in_and_Adva
Note 2 - Investments in and Advances To Local Partnerships | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 2 - Investments in and Advances To Local Partnerships | ' |
NOTE 2 - INVESTMENTS IN AND ADVANCES TO LOCAL PARTNERSHIPS | |
At September 30, 2013 and December 31, 2012, the Partnership held limited partnership interests in zero and three Local Partnerships, respectively, located in one state, that owned residential projects consisting of zero and 51 apartment units, respectively. The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below. | |
National Tax Credit, LLC ("NTC"), an affiliate of the General Partner, is the Local Operating General Partner of the remaining Local Partnerships and is entitled to one percent of operating profits and losses of the Local Partnerships. The Partnership is also entitled to receive 50 percent of the net cash flow generated by the Apartment Complexes, subject to repayment of any loans made to the Local Partnerships (including loans provided by NTC or an affiliate), repayment for funding of development deficit and operating deficit guarantees by the Local Operating General Partner or its affiliates and certain priority payments to the Local Operating General Partner. | |
The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (99%). The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership. | |
The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. During the three and nine months ended September 30, 2013 and 2012, the Partnership did not receive distributions. | |
At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the nine months ended September 30, 2013 and 2012 there were advances of approximately $4,000 and zero, respectively. While not obligated to make any advances to any of the Local Partnerships, the Partnership may make advances in order to protect its economic investment in the Local Partnerships. | |
For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to | |
the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize. | |
As of August 29, 2013, the Partnership sold its three remaining properties. | |
As of September 30, 2013 and December 31, 2012, the investment balance in the zero and three Local Partnerships, respectively, had been reduced to zero. | |
No unaudited condensed statements of operations for the three and nine months ended September 30, 2013 and 2012 are included as there is no information available for Summit I, II and III and due to the sale of the Partnership’s interest in Glenark Landing in November 2012 and Grand Meadows II in August 2012. | |
On November 13, 2012, the Partnership transferred its limited partnership interest in Glenark Associates Limited Partnership (“Glenark”), a Local Partnership, and received no proceeds for the transfer. The Partnership’s investment balance in Glenark was zero at the date of transfer. | |
On August 1, 2012, the Partnership assigned its limited partnership interest in Grand Meadows II Limited Dividend Housing Association LP (“Grand Meadows II”), a Local Partnership, for $50,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the third quarter of 2012. The Partnership’s investment balance in Grand Meadows II was zero at the date of assignment. | |
On May 1, 2013, Summit II filed a state court law suit in Pennsylvania against the property management agent and its affiliates for each of Summit I, Summit II and Summit III. The lawsuit alleged claims for breach of contract, breach of fiduciary duty, conversion, negligence, intentional interference with prospective contract, and declaratory and injunctive relief against the defendants. | |
On August 29, 2013, each of Summit I, Summit II, Summit III, the Operating General Partner of each of Summit I, Summit II and Summit III and the Partnership entered into a Settlement Agreement with the property management company and its affiliates, pursuant to which (i) Summit II transferred and conveyed its property to a designee of the property management company and its affiliates for a sale price of $300,000, (ii) Summit I and Summit III transferred and conveyed their interests to the property management company and its affiliates for no consideration. Additionally, the parties to the Settlement Agreement agreed that within two days of the Settlement Agreement date, all outstanding litigation claims between the parties would be dismissed with prejudice. The Partnership's investment balance in each of Summit I, Summit II and Summit III was zero at September 30, 2013 and December 31, 2012. |
Note_3_Transactions_With_Affil
Note 3 - Transactions With Affiliated Parties | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 3 - Transactions With Affiliated Parties | ' |
NOTE 3 – TRANSACTIONS WITH AFFILIATED PARTIES | |
Under the terms of the Amended and Restated Agreement of the Limited Partnership, the Partnership is obligated to the General Partner for the following fees: | |
(a) An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) as of the beginning of the year is payable to the General Partner. For the nine months ended September 30, 2013 and 2012, approximately $28,000 and $66,000, respectively, has been expensed. At September 30, 2013 and December 31, 2012, approximately $1,214,000 and $1,227,000 | |
respectively, is owed to the General Partner and is included in accrued fees due to affiliates. | |
(b) A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sales price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 10 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners. No disposition fees have been paid. | |
(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement expense was approximately $6,000 and $2,000 for the nine months ended September 30, 2013 and 2012, respectively, and is included in general and administrative expenses. At September 30, 2013 and December 31, 2012, approximately zero and $2,000, respectively, is owed to NAPICO and is included in accrued fees due to affiliates. | |
As of September 30, 2013, the fees due to the General Partner exceeded the Partnership’s cash. The Partnership Agreement provides that the fees and advances due to the General Partner may only be paid from the Partnership’s available cash, however, the Partnership still remains liable for all such amounts. | |
NTC, or another affiliate of the General Partner, is the Local Operating General Partner in the Partnership's three Local Partnerships. In addition, NTC is either a special limited partner or an administrative general partner in each Local Partnership. |
Note_4_Fair_Value_of_Financial
Note 4 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 4 - Fair Value of Financial Instruments | ' |
NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At September 30, 2013, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments. |
Note_5_Contingencies
Note 5 - Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 5 - Contingencies | ' |
NOTE 5 – CONTINGENCIES | |
The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership. |
Note_6_Subsequent_Event
Note 6 - Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 6 - Subsequent Event | ' |
NOTE 6 – SUBSEQUENT EVENT | |
The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed. |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Organization | ' |
Organization | |
The Partnership, formed under the California Revised Limited Partnership Act, was organized on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the "Local Partnerships") which own or lease and operate multifamily housing complexes (“Apartment Complexes”) that are eligible for low-income housing tax credits or, in certain cases, historic rehabilitation tax credits ("Tax Credits"). The general partner of the Partnership is National Partnership Investments, LLC, a California limited liability company ("NAPICO" or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company ("Bethesda"). | |
At September 30, 2013 and December 31, 2012, the Partnership had outstanding 23,423 and 23,464 limited partnership interests, respectively. | |
The General Partner has a 1% interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99% interest in proportion to their respective investments. | |
The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that date, pursuant to the partnership agreement or law. |
Note_1_Organization_and_Summar2
Note 1 - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States. |
Note_1_Organization_and_Summar3
Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investment in Local Partnerships (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Method of Accounting For Investment in Local Partnerships | ' |
Method of Accounting for Investments in Local Partnerships | |
The investments in Local Partnerships are accounted for using the equity method. |
Note_1_Organization_and_Summar4
Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Net Loss Per Limited Partnership Interest | ' |
Net Loss Per Limited Partnership Interest | |
Net loss per limited partnership interest was computed by dividing the limited partners’ share of net loss by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 23,464 for the three and nine months ended September 30, 2013, respectively, and 23,596 for the three and nine months ended September 30, 2012, respectively. |
Note_1_Organization_and_Summar5
Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |
In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |
At September 30, 2013 and December 31, 2012, the Partnership held variable interests in zero and three VIEs, respectively, for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors: | |
· the general partners conduct and manage the business of the Local Partnerships; | |
· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; | |
· the general partners are obligated to fund any recourse obligations of the Local Partnerships; | |
· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and | |
· the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities’ economic performance. |
Note_1_Organization_and_Summar6
Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Outstanding Limited Partnership Interests | 23,423 | 23,464 |
Note_1_Organization_and_Summar7
Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Details | ' | ' | ' | ' |
Number of limited partnership interests | 23,464 | 23,596 | 23,464 | 23,596 |